Living in Charlotte County Florida

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Home Closing Costs

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Closing Costs

In the state of Florida the closing is done through a title company or real estate attorney.  The costs are different for buyer and seller.  Some costs are negotiated in the contract; for example, the seller or the buyer can pay for title. The closing can be held at the title company office or can be a mail away if you are out of town.  If you have specific legal questions regarding any real estate transactions, I can recommend a qualified real estate attorney.  

Buyer Expenses

This is a general list of expenses involved in purchasing a home.

You will need proof of funds if paying cash or a pre-approval letter from a lender to submit with an offer on any property. 

Attorney Fees (if required)
Recording Deed
Survey
Termite Inspection
Home Inspection
Defective Drywall Inspection
Mold Inspection
Flood Insurance
Well Test
Proration of Real Property Taxes
Proration of Maintenance Fees
Homeowner Insurance
Broker Transaction Fee
Additional Expenses if Mortgage Obtained
Mortgage Title Insurance Policy
Service Fee or Origination Fee (if applicable)
Doc Stamps on Note (.35 on each $100)
Lender’s Attorney Fees
Appraisal Fee
Assumption Fee on existing mortgage
Intangible Tax (.002 on New Mortgage)
Recording Mortgage
Credit Report
Escrow Account (Taxes and Mortgage)

Seller Expenses

Attorney Fees (if required)
Owners Title Insurance Policy
Preparation of Deed
State Doc Stamps on Deed (.70 for each $100)
FRIPTA Foreign Investor 10% (when applicable)
Realtor Fee
Termite Damage Treatment (when applicable)
Structural Damage Treatment/Repairs (when applicable)
Proration of Real Property Taxes
Proration of Maintenance Fees
Existing Mortgage Balance

 

Escrow 

Although it’s not the most talked-about aspect of buying a home, escrow is nonetheless a vital component of a successful transaction.

Escrow is an arrangement in which a neutral third party holds onto funds and key documents involved in a home sale, and then distributes them according to the agreement between the buyers and sellers.  The Escrow period begins when a seller accepts a buyer’s offer, and ends at the closing table.

Purchasing a house isn’t like buying shoes; there’s a lot of money involved, a lot of steps to manage, and a lot at stake.  So the buyers and sellers don’t exchange money and documents directly with one another.  They do it through the escrow account.

Escrow ensures accountability. Buyers want to be sure all contingencies are met (inspection, title report, secured mortgage, etc.) before the sellers cash any checks.  Sellers want to make sure they receive funds before they hand over the deed.

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Author: tammyhayes

I am a residential realtor serving Charlotte and Sarasota Counties in sunny, southwest Florida. Contact me for all of your real estate needs. I am professional, ethical, informational, and understanding. I will be with you to assist you every step of the way. Whether you are buying or selling a home, I can help.

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